Axon Enterprise Inc (AXON) 2025 Q2 法說會逐字稿

Hello everyone, and thank you for joining our excellence executive team today. I hope you've all had a chance to read our shareholder letter released after the market closed, which you can find at https://investor.axon.com. Our prepared remarks today are meant to build upon the information in that letter.

大家好，感謝您今天加入我們的卓越執行團隊。希望大家有機會閱讀我們在股市收盤後發布的股東信，您可以在https://investor.axon.com上找到。我們今天的準備發言旨在以該信中的信息為基礎。

During this call, we will discuss our business outlook and make forward-looking statements. Any forward-looking statements made today are pursuant to and within the meaning of the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. These comments are based on our predictions and expectations as of today, and are not guarantees of future performance.

在本次電話會議中，我們將討論我們的業務前景並做出前瞻性陳述。今天做出的任何前瞻性陳述均依據並符合 1995 年《私人證券訴訟改革法》的安全港條款的含義。這些評論是基於我們今天的預測和期望，並不保證未來的表現。

All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. We discussed these risks in our SEC filings. We will also discuss certain non-GAAP financial measures.

所有前瞻性陳述都存在風險和不確定性，可能導致實際結果大不相同。我們在提交給美國證券交易委員會的文件中討論了這些風險。我們也將討論某些非公認會計準則財務指標。

A description of each non-GAAP measure and a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure can be found in our shareholder letter as well as on our Investor Relations website. Now, before we turn to our quarterly update, we'll take a quick minute to show you are some recent highlights from one of the CEO Summits that Rick has been hosting.

在我們的股東信函以及投資者關係網站上可以找到每個非 GAAP 指標的描述以及每個非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。現在，在我們開始季度更新之前，我們將花一點時間向您展示 Rick 主持的 CEO 高峰會的一些最新亮點。

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All right. Thanks, Erik, and welcome everyone to our second-quarter 2025 earnings call. I love hosting those Summits. It's all about connecting the dots with our customers so that we can build the tools they need to make their jobs just a little bit easier.

好的。謝謝，艾瑞克，歡迎大家參加我們的 2025 年第二季財報電話會議。我喜歡主辦這些峰會。這一切都是為了與我們的客戶建立聯繫，以便我們能夠建立他們所需的工具，使他們的工作變得更輕鬆。

We are of course proud to come back to you with another fantastic quarter, but what we're really proud of are the relationships and partnerships we've built with our customers. I spend most of my time with them, and the more I do, the more excited I am for what's ahead.

我們當然很自豪能夠再次為您帶來出色的季度業績，但我們真正感到自豪的是我們與客戶建立的關係和夥伴關係。我大部分時間都和他們在一起，和他們在一起的時間越長，我對未來就越感到興奮。

In fact, there are several trends I'm seeing right now that are fueling that excitement. First, demand for new technology from our customers is accelerating, and it's outpacing even my most optimistic expectations. Artificial Intelligence, drones and robotics, real-time operations, cameras on our newest TASER devices, and virtual reality, each of those are resonating across our customer base. There's no one breakout product driving conversations. It's everything.

事實上，我現在看到的幾種趨勢正在激發這種興奮。首先，客戶對新技術的需求正在加速成長，甚至超越了我最樂觀的預期。人工智慧、無人機和機器人、即時操作、我們最新的泰瑟槍設備上的攝影機以及虛擬現實，每一個都在我們的客戶群中引起共鳴。沒有任何一款突破性產品能夠引發人們的討論。這就是一切。

In the past, it could take a few years for our newest products to start seeing meaningful adoption, often at least the first year took it to fine tune the application, work through the approval processes, and get everything right. Today we're watching customers adopt new solutions as a standard, faster and in real time.

過去，我們的最新產品可能需要幾年時間才能開始獲得有意義的採用，通常至少需要第一年的時間來微調應用程序，完成審批流程，並確保一切正確。今天，我們看到客戶以更快、更即時的方式採用新的解決方案作為標準。

Draft One remains our fastest adopted software solution. TASER 10, our fastest adopted TASER weapon. Axon Body 4, our fastest adopted camera. Dedrone, Fusus, and the AI Era Plan are also being deployed faster than we've seen with prior new technologies while laying the groundwork for future innovations coming over the horizon.

Draft One 仍然是我們採用速度最快的軟體解決方案。TASER 10，我們採用的最快的 TASER 武器。Axon Body 4，我們採用的最快的相機。Dedrone、Fusus 和 AI 時代計畫的部署速度也比我們之前所見過的新技術更快，同時也為即將到來的未來創新奠定了基礎。

Another observation I want to share is that I believe one critical factor enabling this movement is the trust we've built with our customers. It is something I am extremely grateful for. We have a history of being bold. It's only after decades of tireless work, thought leadership, and responsible, careful, balanced approach that we've earned the privilege to partner this deeply.

我想分享的另一個觀察是，我認為推動這項措施的關鍵因素是我們與客戶建立的信任。這是我非常感激的事。我們有著勇敢無畏的歷史。經過數十年的不懈努力、思想領導以及負責任、謹慎、平衡的方法，我們才贏得如此深度合作的特權。

They're able to move faster today because they trust we'll be there with them on the journey and there tomorrow, doing things the right way. The final observation I'll make is that collaboration and public safety isn't just critical anymore, it is absolutely essential. Roles, responsibilities, and jurisdictions may have fine lines, but effective public safety happens through close collaboration across the landscape from sworn officers to public officials, federal governments, enterprises, and even consumers.

他們今天能夠行動得更快，因為他們相信我們會陪伴他們走過這一路，明天也會以正確的方式做事。我最後要說的是，合作和公共安全不再只是至關重要，而是絕對必要的。角色、職責和管轄範圍可能存在細微的界限，但有效的公共安全需要從宣誓警官到政府官員、聯邦政府、企業甚至消費者等各個領域的密切合作才能實現。

To support this, we need to think broader than ever before, ensuring our products enable these different stakeholders to work together. Our work to expand into new customers, introduce new products that rethink how existing systems operate and build partnerships with industry leaders is about more than growth. It strengthens our ecosystem and makes every layer of connectivity incrementally more valuable for every user.

為了支持這一點，我們需要比以往有更廣泛的思考，確保我們的產品能夠讓這些不同的利害關係人共同努力。我們的工作不僅是為了發展，還包括拓展新客戶、推出重新思考現有系統運作方式的新產品以及與產業領導者建立合作關係。它加強了我們的生態系統，並使每一層連結對每個用戶都變得更有價值。

This summer we spent time with our product teams working through our future product investments, and we have the broadest yet most cohesive and synchronized pipeline of products and development we've ever had. It's truly an inspiring time, and we remain committed now more than ever to investing behind our vision and the mission that drives it.

今年夏天，我們花時間與產品團隊一起研究未來的產品投資，我們擁有迄今為止最廣泛但最具凝聚力和同步的產品和開發管道。這確實是一個鼓舞人心的時代，我們現在比以往任何時候都更致力於投資我們的願景和推動它的使命。

With that, I'd like to turn it over to Josh.

說完這些，我想把發言權交給喬希 (Josh)。

Thanks, Rick, and good afternoon, everybody. Before we get into our results, I want to say we're thinking about the NYPD and the victims of last week's horrible tragedy. We are reminded of why we come to work every day and we'll all continue to pursue Axon's mission of protecting life with vigor.

謝謝，里克，大家下午好。在我們公佈結果之前，我想說，我們正在考慮紐約警察局和上週可怕悲劇的受害者。我們每天都會想起自己上班的原因，我們都會繼續追求 Axon 的使命，充滿活力地保護生命。

As we reflect on our Q2 results, the theme continues to be customer obsession. We consider it the honor of a lifetime to work with the men and women of public safety, and our continued emphasis on the customer experience is central to how we run the business. I tend to be the curmudgeon on the team that reminds everyone that no matter how much success we have, we can always be better.

當我們回顧第二季的業績時，主題仍然是客戶至上。我們認為與公共安全工作者一起工作是一生的榮幸，我們持續重視客戶體驗是我們經營業務的核心。我往往是團隊中脾氣暴躁的人，提醒大家，無論我們取得多大的成功，總是可以做得更好。

I'm not sure that'll ever change, but I'd like to take a reprieve from that for a few minutes, as I am truly awestruck at what our team is accomplishing. And the most exciting part is we continue to accelerate. This is not a team that slows down.

我不確定這種情況是否會改變，但我想暫時放下這個問題幾分鐘，因為我真的對我們團隊所取得的成就感到敬畏。最令人興奮的是，我們將繼續加速發展。這不是一支放慢腳步的球隊。

Maybe the best example of this is our state and local team under the leadership of Jessica Duncan. This team took back the record for the largest deal in Axon company history by a wide margin. This contract with a major city police department also marked the largest contract we've seen in terms of new product book bookings encompassing everything from drones to our AI products.

也許最好的例子就是傑西卡鄧肯 (Jessica Duncan) 領導下的我們的州和地方團隊。該團隊以較大優勢奪回了Axon公司歷史上最大交易的記錄。與某大城市警察局簽訂的這份合約也是我們在新產品預訂方面見過的最大合同，涵蓋了從無人機到我們的人工智慧產品等各個方面。

Similarly, our corrections team, led by Zach Austin, also closed their largest deal in team history and contributed two of the top 10 deals in the quarter. Corrections has been an important area for us to grow our presence because the value our products offer to keep correctional institutions safer is so clear. What's exciting here is that the deals we are seeing in the vertical now include products from across our ecosystem, TASER 10, body cameras, VR, evidence management and Fusus.

同樣，由 Zach Austin 領導的懲戒團隊也完成了團隊歷史上最大的一筆交易，並在本季度貢獻了前十筆交易中的兩筆。懲教一直是我們擴大影響力的重要領域，因為我們的產品對於保障懲教機構安全的價值非常明顯。令人興奮的是，我們現在看到的垂直交易包括來自我們整個生態系統的產品、TASER 10、隨身攝影機、VR、證據管理和 Fusus。

Next, our wins in international and enterprise continue to validate our investments in these areas. Our international team added a new TASER customer in Africa, becoming the largest in the region. And in enterprise, we signed a contract opening up a major opportunity in the gaming space. It was our first win in that vertical to include our AI products and a clear indicator to me that we're on the right path.

其次，我們在國際和企業領域的勝利繼續驗證了我們在這些領域的投資。我們的國際團隊在非洲增加了一位新的 TASER 客戶，成為該地區最大的客戶。在企業領域，我們簽署了一份合同，為遊戲領域開闢了一個重大機會。這是我們在該垂直領域首次取得包括我們的人工智慧產品在內的勝利，這清楚地表明我們正走在正確的道路上。

Zooming out a bit, every quarter that goes by indicates more and more of a contribution from new products. We closed almost $150 million of bookings for our AI Era Plan in Q2 alone, and over 30% of bookings this quarter came from new product categories.

稍微擴大一點來看，每季過去都顯示新產品的貢獻越來越大。光是第二季度，我們的「人工智慧時代計畫」就完成了近 1.5 億美元的訂單，本季超過 30% 的訂單來自新產品類別。

We've talked in the past about an opportunity to grow our presence with officers as our product portfolio expands. Just a few years ago, the maximum an agency could spend with us on a per officer basis was less than $300. Today, that sits over $600 due to new products, and we saw the per officer bookings in our largest deals push up against that level.

我們過去曾談論過，隨著我們的產品組合不斷擴大，我們有機會擴大在官員中的影響力。就在幾年前，一個機構在我們這裡為每位官員花費的最高金額還不到 300 美元。如今，由於新產品的推出，這一數字已超過 600 美元，而且我們發現，我們最大交易中每位官員的預訂量也達到了這一水平。

These are just a few examples of the activity we saw in another strong quarter. As I said in Q1, the team came out of the gate with speed this year, and that momentum is accelerating. Coming off a strong 1H with a growing pipeline, we now have line of sight to deliver year-over-year bookings growth in the high 30% range, which would once again put our second half in line with the prior year's entire campaign.

這些只是我們在另一個強勁季度看到的活動的幾個例子。正如我在第一季所說的那樣，今年團隊開局迅速，而且勢頭正在加速。由於上半年業績強勁，且預訂管道不斷擴大，我們現在預計將實現 30% 以上的同比預訂量增長，這將使我們下半年的預訂量與去年同期的整個活動持平。

At Axon, we're an ex play shop. We don't fall in love with what we just did, or what we did last year or the year before that. But as I said, I am so proud of our sales and product teams. To see bookings accelerating at this stage in our business speaks to the level of execution and innovation going on at Axon.

在 Axon，我們是一家前遊戲商店。我們不會愛上我們剛剛做過的事，或是去年或前年做過的事。但正如我所說，我為我們的銷售和產品團隊感到自豪。看到我們業務在此階段的預訂量加速成長，說明了 Axon 的執行力和創新水平。

As I digested these results, I was brimming with excitement about what the future holds and the impact that we can have. You are truly seeing a world-class team that is capable, or you are truly seeing what a world-class team is capable of doing when everybody is on the same mission.

當我消化這些結果時，我對未來會發生什麼事以及我們能產生的影響充滿了興奮。你真正看到的是一支有能力的世界級團隊，或者你真正看到的是當每個人都肩負同一項使命時，一支世界級團隊能夠做什麼。

With that, let's kick it over to Brittany.

好了，讓我們把話題交給布列塔妮吧。

Thank you, Josh. As Josh and Rick mentioned, we're extremely proud of our second-quarter results, as we continued to deliver for our customers while investing for the long term. Second quarter revenue of $669 million increased 33% year-over-year marking our 14th consecutive quarter of over 25% revenue growth.

謝謝你，喬希。正如喬希和里克所提到的，我們對第二季的業績感到非常自豪，因為我們在進行長期投資的同時繼續為客戶提供服務。第二季營收為 6.69 億美元，年增 33%，這是我們連續第 14 季實現超過 25% 的營收成長。

Josh shared some great color on our bookings and why we're so excited for the future. In terms of translating that into revenue today, the top line growth continues to be driven by Software and Services, which grew 39% year-over-year to $292 million. Our ability to win new users and to thrive adoption of our newest products underpins this continued growth.

喬希 (Josh) 分享了我們預訂的一些精彩內容以及我們對未來如此興奮的原因。就目前將其轉化為收入而言，營收成長仍由軟體和服務推動，年增 39%，達到 2.92 億美元。我們贏得新用戶和推動最新產品普及的能力支撐了這一持續成長。

Net revenue retention increased to 124% and has been near or above 120% for 20 consecutive quarters, demonstrating the result of our ongoing investment in our products and customers. Turning to Connected Devices, revenue increased 29% year over year to $376 million.

淨收入保留率增至124%，並已連續20個季度接近或超過120%，這反映了我們對產品和客戶持續投資的成果。談到連網設備，營收年增 29%，達到 3.76 億美元。

This growth was driven by strength across categories, including TASER, which grew 19%, driven by TASER 10. Personal Sensors grew 24%, driven by Axon Body 4, and Platform Solutions grew 86% driven by counter-drone and virtual reality.

這一增長是由各類別的強勁表現推動的，其中 TASER 增長了 19%，這得益於 TASER 10 的推動。在 Axon Body 4 的推動下，個人感測器成長了 24%，在反無人機和虛擬實境的推動下，平台解決方案成長了 86%。

Adjusted gross margin was 63.3%, up 20 basis points year-over-year, driven by product mixed to Software and Services, partially offset by lower devices margin due to the strong growth in our newer hardware products and newer markets.

調整後的毛利率為 63.3%，比去年同期增長 20 個基點，這得益於軟體和服務產品組合的增長，但由於新硬體產品和新市場的強勁增長導致設備利潤率下降，部分抵消了這一影響。

We expect this balance to continue in the second half as we mix across new investment areas and our software business growth. Adjusted EBITDA down margin of 25.7% came in ahead of expectations due to higher revenue and operating leverage, as well as benefiting from the timing of tariffs which will now impact us more in the second half of the year.

隨著我們融合新的投資領域和軟體業務成長，我們預計這種平衡將在下半年持續維持。調整後的 EBITDA 下降幅度為 25.7%，高於預期，原因是收入和營運槓桿增加，同時受益於關稅時機，這將在下半年對我們產生更大的影響。

Turning to our outlook, we are raising 2025 revenue guidance to a range of $2.65 billion to $2.73 billion, representing approximately 29% annual growth at the midpoint. This reflects our performance in Q2 and our confidence in the pipeline for the second half.

談到我們的展望，我們將 2025 年的營收預期上調至 26.5 億美元至 27.3 億美元，中間值年增長率約為 29%。這反映了我們在第二季的表現以及我們對下半年的信心。

We are raising our adjusted EBITDA guidance to a range of $665 million to $685 million, up from $650 million to $675 million. This maintains our 25% margin target for the year and incorporates our planned investments and tariff related expenses in the second half. We continue to expect to increase hiring over the remainder of the year, particularly in R&D as we prioritize investing behind the incredible product roadmap we talked about, as well as in our exciting new markets.

我們將調整後的 EBITDA 預期從 6.5 億美元至 6.75 億美元上調至 6.65 億美元至 6.85 億美元。這維持了我們今年 25% 的利潤率目標，並包含了我們下半年計畫的投資和關稅相關費用。我們預計今年剩餘時間內將繼續增加招聘，特別是在研發領域，因為我們優先投資於我們談到的令人難以置信的產品路線圖，以及我們令人興奮的新市場。

These investments will continue to set us up well for 2026 and beyond. In summary, Q2 reflects another quarter of strong execution and healthy performance across the business. We remain focused on delivering sustainable growth while investing strategically to serve our customers and drive value creation over the long term. We're also incredibly excited to deliver on the second half of the year for everyone.

這些投資將繼續為我們2026年及以後的發展奠定良好基礎。總而言之，第二季反映了整個業務又一個強勁的執行力和健康的表現。我們始終專注於實現永續成長，同時進行策略性投資以服務客戶並推動長期價值創造。我們也非常高興能夠在下半年為大家帶來成果。

With that, we'll turn it over for questions.

接下來，我們將開始回答問題。

Thanks, Brittany. We'll move up into gallery view. All right. For today, I think we'll try to keep it to one question and a brief follow-up if we can just cause we've got a full call, and I want to make sure we can get to everyone.

謝謝，布列塔尼。我們將進入畫廊視圖。好的。今天，我想我們會盡量只問一個問題，如果可以的話，做一個簡短的後續提問，因為我們已經進行了一次完整的通話，我想確保我們能夠聯繫到每一個人。

Keith Housum, Northcoast.

基斯‧豪瑟姆 (Keith Housum)，北海岸。

Great. Hey, thanks guys. Thanks, and congratulations on a great quarter. Perhaps you guys can spend a little bit of time on the enterprise addressable market and perhaps some of the success that you guys have had with some of the pilots so far, is it, is there a certain product or two in the portfolio that is gaining more traction than others as you guys are entering into the -- I guess, expanded market than enterprise?

偉大的。嘿，謝謝大家。謝謝，並恭喜本季取得優異成績。也許你們可以花一點時間在企業目標市場上，也許可以談談你們迄今為止在一些試點項目上取得的一些成功，隨著你們進入比企業更廣闊的市場，產品組合中是否有某種或兩種產品比其他產品更受歡迎？

Sure, I'll take that one, Enterprise certainly is going very well. We're excited about, the breadth of product, interest there between, not only our Body Cams and Evidence.com and Fusus and drones, counter-drone, and frankly, across all these opportunities, we're seeing more and more interested in the full suite of products there.

當然，我會接受這個，企業確實進展得非常好。我們對產品的廣度和興趣感到興奮，不僅僅是我們的 Body Cams、Evidence.com、Fusus 和無人機、反無人機，坦白說，在所有這些機會中，我們看到人們對那裡的全套產品越來越感興趣。

But Keith, I got to be honest, I'm shocked that after predicting bookings were flat, you weren't wondering why you're [50%].

但是基思，說實話，我很驚訝，在預測預訂量持平之後，你竟然沒有想為什麼[50%]。

Next question.

下一個問題。

Yeah, that's a good idea. Let's go to the next question.

是的，這是個好主意。我們來看下一個問題。

No, that was my next question though, in terms of bookings, can you perhaps parse out, where was that success was?

不，那是我的下一個問題，就預訂而言，您能否分析一下，成功在哪裡？

Yeah, I mean, you had said bookings would be flat at $1 billion. I was off by 50%. You'd said, new -- we didn't have any large deals in the quarter. We booked our largest deal in the company's history, including our largest deal in corrections. You said the booking's growth rate was slowing down, and in fact, it's picking up, and it's all a result of really good execution from our product team and our sales team.

是的，我的意思是，您說過預訂量將保持在 10 億美元不變。我錯了50%。您說過，本季我們沒有任何大額交易。我們達成了公司史上最大的一筆交易，其中包括懲教領域最大的一筆交易。您說預訂量的成長率正在放緩，但事實上，它正在回升，這都是我們產品團隊和銷售團隊出色執行的結果。

Great. Thanks.

偉大的。謝謝。

Andrew Sherman, TD Cowen.

安德魯·謝爾曼（Andrew Sherman），TD Cowen。

Great. Thanks. Good to see everyone. Congrats. Josh, impressive, $150 million of bookings from AI Era Q2 alone. Could you just talk about the mix of demand for Draft One and is the demand for Draft One itself accelerating, but also the newer products that you -- some of the data you have in the press release is interesting with the time savings that the other newer. Segments are driving. Just talk about the demand for the whole bundle, and if that's kind of accelerating here, which it sounds like it is.

偉大的。謝謝。很高興見到大家。恭喜。喬什，令人印象深刻的是，僅 AI Era Q2 的預訂量就達到了 1.5 億美元。您能否談談對 Draft One 的需求組合以及對 Draft One 本身的需求是否在加速，以及您發布的新產品 - 您在新聞稿中提供的一些數據很有趣，其他新產品可以節省時間。細分領域正在推動。只談論對整個捆綁產品的需求，如果這種需求在這裡加速成長，聽起來確實如此。

Yeah, Andrew, thanks for the question. Good to see you again. Absolutely, it's accelerating. Yeah, we're excited about the result. We had talked about this a lot in the Q1 call, that the first half, we'd see some incremental growth and we certainly did. But, the pipeline in the back half of this year for the AI Era Plan is loaded, and we certainly expect to continue to go fast in terms of the AI Era Plan, it's something that's very well received from our customers.

是的，安德魯，謝謝你的提問。很高興再次見到你。絕對如此，它正在加速。是的，我們對結果感到非常興奮。我們在第一季電話會議上多次討論過這個問題，上半年我們會看到一些增量成長，事實也確實如此。但是，今年下半年人工智慧時代計畫的準備工作已經完成，我們當然希望人工智慧時代計畫能夠繼續快速推進，這受到了客戶的熱烈歡迎。

I think it's a good indication of not only, the time savings that customers are seeing with these products, but it's also the fact, that there's more and more products that are making a difference day to day in this plan that customers are getting along the way.

我認為這不僅表明客戶使用這些產品可以節省時間，而且還表明在該計劃中，客戶在使用過程中每天都會獲得越來越多的產品。

So they're super pleased with Draft One. We continue to see more and more momentum there, but now with the AI Assistant and the real-time translator as part of that, and products like Form One and Brief One getting going, there is a lot of customer excitement around plan and a huge shout out for to Rick, a year ago, a year plus ago now for calling out the need to invest heavily, in the AI world and product line. And then, of course, Jeff and his team for implementing these products in a way that makes a real difference for our customers. It's just very cool to see right now.

所以他們對 Draft One 非常滿意。我們持續看到它的發展勢頭，現在隨著 AI Assistant 和即時翻譯的加入，以及 Form One 和 Brief One 等產品的推出，客戶對該計劃感到非常興奮，並且對 Rick 一年前，甚至一年多前，他提出需要在 AI 領域和產品線上進行大力投資表示由衷的感謝。當然，也要感謝 Jeff 和他的團隊以真正為我們的客戶帶來改變的方式實施這些產品。現在看到它真是太酷了。

Great to hear. I'll pass it on. And Rick, I love your new podcast.

很高興聽到這個消息。我會傳達的。瑞克，我喜歡你的新播客。

Thanks, I'm the ball doing it.

謝謝，我做得很好。

Thanks Andrew.

謝謝安德魯。

Bill Power, Baird.

比爾鮑爾，貝爾德。

Okay, great. Thanks. And congratulations on the results. I want to start on Platform Solutions. You obviously a really nice acceleration. I recognize smaller numbers, but I think strategically, very important longer term. So I'd love if you could help us just, understand kind of what really underpinned the counter-drone success, maybe any kind of breakdown or color you can share, across law enforcement versus enterprise.

好的，太好了。謝謝。並祝賀你所取得的成果。我想開始研究平台解決方案。顯然你的加速效果非常好。我知道數字較小，但我認為從戰略上講，長期來看非常重要。因此，如果您能幫助我們了解反無人機成功的真正基礎，或者您能分享執法部門和企業之間的任何細分或細節，我將非常高興。

If I take that a step further, if I stick with drones, be great to get any perspective as to what you're seeing in terms of pipeline build bookings within DFR and whether the executive orders have started to spur any further activity there.

如果我更進一步，如果我堅持使用無人機，那麼很高興能了解您在 DFR 內部管道建設預訂方面看到的情況，以及行政命令是否已經開始刺激那裡的進一步活動。

Let me maybe jump on initially, Josh, and talk about counter-drone. I mean, basically, I'm sure you all saw Operation Spiderweb. We've seen drones becoming more and more prominent in the war in Ukraine and in the Middle East, but, just the ability for Ukraine to take out a sizable percentage of Russia's strategic bomber fleet with, $1000 FPV drones, and then similar things to be done by Israel deep in the heart of Iran.

喬希，讓我先來談談反無人機。我的意思是，基本上，我相信你們都看過《蜘蛛網行動》。我們已經看到無人機在烏克蘭和中東戰爭中變得越來越突出，但是，烏克蘭僅用價值 1000 美元的 FPV 無人機就能夠摧毀俄羅斯相當大比例的戰略轟炸機編隊，而以色列在伊朗腹地也做了類似的事情。

I think it's got everybody's attention, whether you run a stadium or a nuclear reactor or a power station or a responsible for protecting the executive's home, the world is suddenly keenly aware that these small drones are the biggest threat vector at scale, because anyone can do it. And none of the traditional defense mechanisms, none of our air defense systems are designed -- excuse me, around that threat.

我認為這引起了每個人的注意，無論你經營的是體育場、核反應器、發電站還是負責保護高管的家，世界突然敏銳地意識到這些小型無人機是規模最大的威脅載體，因為任何人都可以做到這一點。沒有任何傳統防禦機制、沒有任何我們的防空系統是針對這項威脅而設計的。

And our acquisition of Dedrone and AD and his team have been just phenomenal to have identified this early, and I think we're in a really strong position -- to, I'd say we are, certainly AI market leader, and we're seeing just a ton of demand across the spectrum for people realize they need solutions here.

我們對 Dedrone 和 AD 及其團隊的收購非常了不起，我們很早就發現了這一點，我認為我們處於非常有利的地位 - 我想說我們肯定是人工智慧市場的領導者，我們看到整個領域的大量需求，人們意識到他們需要這裡的解決方案。

And so I was spending a lot of my time going deep on how do we maintain that leadership and grow it and deal with these new threats like, these fiber optic drones, that we're now seeing deployed widely in Russia and Ukraine, where those are unjammable because they're flying with a physical connection. And so we're digging deep on, okay, how do we extend our solution set, to cover. This thing is iterating at incredible speed.

因此，我花了很多時間深入研究如何維持並發展這種領導地位，並應對這些新的威脅，例如我們現在看到在俄羅斯和烏克蘭廣泛部署的光纖無人機，它們在這些地方是無法幹擾的，因為它們是透過實體連接飛行的。因此，我們正在深入研究如何擴展我們的解決方案集以涵蓋範圍。這個東西正在以驚人的速度迭代。

So, with that, Josh, I don't know if you want to add anything on, any of the other like maybe just --

所以，喬希，我不知道你是否想補充一些其他的東西，例如--

Maybe just the fact that one of the reasons we had mentioned this when the acquisition closed is we really believe we can lead with the drone in some international markets, and I think, in certain places that's not only very relevant to today. But in a nice difference where, some of the new products that we're acquiring, we can get in the door, so to speak, with those and with the a lot of interest from a customer. And then when a customer is ready to move to body cameras or less lethal or video aggregation or AI, we're better positioned to participate in some of those opportunities.

也許我們在收購完成時提到這一點的原因之一是，我們真的相信我們可以憑藉無人機在某些國際市場上佔據領先地位，而且我認為，在某些地方，這不僅與今天息息相關。但有一個很好的區別，那就是，我們收購的一些新產品，可以說，我們可以憑藉這些產品進入市場，並引起客戶的極大興趣。然後，當客戶準備轉向隨身攝影機或殺傷力較小的攝影機或視訊聚合攝影機或人工智慧時，我們就能更好地參與其中的一些機會。

And well I'll just jump in just so -- on that segment, you can hear the enthusiasm around counter-drone that also has fleet in it. It has VR in it, and so I think part of what you're seeing is every category in that segment is growing really nicely. We're obviously thrilled to add in the counter-drone, but I would also just say, because of the size of that, you should expect some lumpiness in that segment going forward, as counter-drone can win a big deal, at one time. And then I would just -- we're just, we're happy with all the products in that segment. So keep in mind they're all doing well.

好吧，我直接插話吧——在那部分，你可以聽到人們對反無人機的熱情，其中也包括艦隊。它包含 VR，所以我認為你所看到的是該領域中的每個類別都在很好地成長。我們非常高興能夠加入反無人機技術，但我還想說，由於該技術的規模龐大，所以未來該領域可能會出現一些波動，因為反無人機技術可以一次贏得大勝利。然後我會——我們只是，我們對該領域的所有產品都很滿意。所以請記住他們都做得很好。

Okay, then, anything you can add just with respect to the DFR, side of the equation in terms of how that pipeline's building and kind of level of activity that seems like another really nice longer term opportunity as well.

好的，那麼，您可以添加任何與 DFR 相關的內容，就管道的建造方式和活動水平而言，這似乎也是另一個非常好的長期機會。

Sure thing, Will. I would definitely say we're excited about DFR and one of the things kind of taking shape in DFR or drones as a first responder, is that while we don't manufacture the hardware for outdoor DFR, there are opportunities popping up around the hardware, that create a lot of value for the customer, things like live streaming, having the evidence -- and Evidence.com, and so forth, and then even figuring out how we get drones in the sky faster through software. Even before 9/11 calls in.

當然可以，威爾。我肯定會說我們對 DFR 感到非常興奮，而且作為第一響應者，DFR 或無人機正在形成的事情之一是，雖然我們不生產戶外 DFR 的硬件，但硬體周圍出現了一些機會，為客戶創造了很多價值，比如實時流媒體、擁有證據——以及 Evidence.com 等等，然後我們甚至可以弄清楚如何通過軟件更快地讓無人機飛上天空。甚至在 9/11 事件發生之前。

So I think there's a lot of exciting work around DFR. And then frankly, the biggest relevance, [ADA] on our product portfolio right now is Dedrone, which makes sure the skies are safe for drones to fly. So a lot of people, associate Dedrone with counter-drone and tracking, nefarious drones and taking them out of the sky, but another big benefit there is a police department using the Dedrone can see the entire map throughout their city of where their own drones are. So, we think we'll be relevant in the DFR space for a long time. Skydio and us, we have a great partnership. We would say it's going very well, and we're excited about what the future holds there.

所以我認為圍繞 DFR 有很多令人興奮的工作。坦白說，目前我們產品組合中最重要的產品是 Dedrone，它可以確保無人機在天空中安全飛行。因此，許多人將 Dedrone 與反無人機和追蹤、打擊邪惡無人機以及將其從空中擊落聯繫在一起，但它的另一個巨大好處是，使用 Dedrone 的警察部門可以看到整個城市地圖上他們自己的無人機的位置。因此，我們認為我們將在 DFR 領域長期保持競爭力。Skydio 和我們有著良好的合作關係。我們會說一切進展順利，我們對那裡的未來充滿期待。

Yeah, great. Thank you all.

是的，很棒。謝謝大家。

Thanks, Will.

謝謝，威爾。

Mike Ng, Goldman Sachs.

高盛的 Mike Ng。

Great. Good afternoon. Thanks for the question. I just have one on the high 30% bookings growth guidance. I think it implies about $7 billion which would be, about $2 billion of bookings growth year-over-year. Could you just talk a little bit about, what's driving that, doubling of annual bookings growth that you've had historically, I think relatively consistently.

偉大的。午安.謝謝你的提問。我只是對 30% 的高預訂量成長預測有一個了解。我認為這意味著約 70 億美元，即同比預訂量增長約 20 億美元。您能否簡單談談推動這成長的因素？我認為，這一增長在歷史上一直保持相對穩定，年預訂量也一直翻倍。

Is it, just the AI Era Plan and some of the momentum there or the length of the deals changing at all? Anything you just talk a little about in terms of kind of, pipeline giving you that confidence or, deals closed to date, would be helpful. Thank you.

只是人工智慧時代計畫和其中的一些勢頭，還是交易的長度改變了？只要您稍微談論一下給予您信心的管道或迄今為止達成的交易，都會很有幫助。謝謝。

Sure thing, Mike. Good to hear from you again. And on your question, I'd say, we've said for a long time and Jeff brought, this framework to Axon when he first joined which was -- hey, we want to be really good at selling, new products to existing customers. So that's our US customer base, and there we're talking about, drones, AI, virtual reality, Fusus, Dedrone all of our software add-ons that we continue to build and as well as iterating on the TASER and Body Camera.

當然可以，麥克。很高興再次收到您的來信。關於你的問題，我想說，我們已經說了很長時間了，傑夫剛加入 Axon 時就帶來了這個框架——嘿，我們希望真正擅長向現有客戶銷售新產品。這就是我們的美國客戶群，我們正在談論無人機、人工智慧、虛擬實境、Fusus、Dedrone 以及我們繼續建造的所有軟體附加元件，以及對 TASER 和 Body Camera 的迭代。

And then you combine that with selling existing products to new markets, and there we're talking about international enterprise and federal, where we can take the things that are very successful in state and local and all of a sudden, customers and those other segments are starting to see really good product market fit there. So it's not one thing, and that's one of the things we're most excited about is we feel like we're very diversified. We have a lot of ways to win the game, so to speak, and we're going to keep investing in all of them because we see a ton of opportunity at.

然後，你將其與將現有產品銷售到新市場結合起來，我們談論的是國際企業和聯邦，我們可以採用在州和地方非常成功的東西，突然之間，客戶和其他細分市場就會開始看到真正適合那裡的產品市場。所以這不是一件事，這是我們最興奮的事情之一，我們覺得我們非常多樣化。可以這麼說，我們有很多方法可以贏得比賽，而且我們將繼續對所有這些方法進行投資，因為我們看到了大量的機會。

Great. Can I just maybe get a quick follow up on international, I mean -- I think, accelerating growth, I think that the best year of year and quarter-on-quarter growth there, maybe some of the key markets where you're getting the most traction. I heard the mention about, TASER in Africa, but would love some detail there. Thank you.

偉大的。我能否快速跟進一下國際市場的情況，我的意思是——我認為，加速增長，我認為那裡的年度和季度環比增長最好，也許是一些你們獲得最大吸引力的關鍵市場。我聽說過有關非洲泰瑟槍 (TASER) 的報道，但希望了解一些詳細資訊。謝謝。

Yeah, I appreciate the question. We tend to be a little less specific about where we're going internationally, only because, as a competitive group, we don't want to tip anything off here, but, we do see opportunity across, Latam, certainly the UK and Europe, and then certain segments within Asia as well. So, very much, feeling. Like, hey, over the next few years, international should continue to be really exciting. I mentioned Cameron or CRO had come in and he just, as of Q2 celebrated his one-year anniversary and we're certainly seeing the investments of having a CRO in Europe with the team over there starting to pay off as well. So much more to come on that.

是的，我很感謝你提出這個問題。我們傾向於對我們的國際化發展方向不太明確，只是因為作為一個競爭性團體，我們不想在這裡透露任何消息，但我們確實看到了拉丁美洲地區的機會，當然包括英國和歐洲，以及亞洲的某些地區。所以，非常有感覺。就像，嘿，在接下來的幾年裡，國際化應該會繼續變得非常令人興奮。我提到卡梅倫或 CRO 已經加入，截至第二季度，他剛剛慶祝了他的一周年紀念日，我們當然看到在歐洲擁有 CRO 以及那裡的團隊的投資也開始獲得回報。關於這一點，還有更多內容。

Great. Thank you Josh.

偉大的。謝謝你，喬希。

I just, I'm going one of the things about some of our international deals is they tend to be pretty big deals, so you can see a little bit in quarters where you have a big international deal come in. I think in two, you saw us do a couple of really big international deals, incredibly exciting. I think huge amount of momentum there. I don't know, because there's also so much momentum in state and local and other parts of our business. I don't know that you'll see it maintained at that sort of 20% level that we hit this quarter, but tons of momentum behind some of those international bookings and the rest of the business.

我只是，我要說的是，我們的一些國際交易往往都是相當大的交易，所以你可以在有大型國際交易的季度看到一些交易。我想，在兩年的時間裡，您會看到我們完成了幾筆非常大的國際交易，這令人興奮不已。我認為那裡有著巨大的發展勢頭。我不知道，因為州、地方和我們業務的其他部分也有很大的發展勢頭。我不知道您是否會看到它保持在本季度達到的 20% 的水平，但在一些國際預訂和其他業務背後有著巨大的發展動力。

Great. Thank you, Brittany.

偉大的。謝謝你，布列塔尼。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Great, thanks, and congrats on the quarter. Just as the AI bookings have picked up, just what kind of lessons have you guys learned about kind of getting through some of the hurdles from state and local? Is it having reference customers, just getting what kind of oil been put in the gears to kind of move those along. And then maybe just as a second follow-up question, just obviously a lot of immigration dollars, enforcement dollars and OBBB, just where you guys kind of see opportunity there. Thanks.

太好了，謝謝，恭喜本季取得佳績。隨著 AI 預訂量的增加，你們學到了哪些經驗教訓來克服來自州和地方的一些障礙？是否有參考客戶，只是了解在齒輪中添加了哪種油來推動齒輪運轉。然後也許只是第二個後續問題，顯然大量的移民資金、執法資金和 OBBB，你們在那裡看到了機會。謝謝。

Sure. On the AI bookings question, Meta, I think really it's the same thing that we kind of really believe in across all our products which is when you put products in the hands of users and let the users give you feedback and experience them and see the value themselves. There is no amount of sales or marketing or packaging or anything else that compares to that.

當然。關於人工智慧預訂問題，Meta，我認為這與我們在所有產品中真正相信的是同一件事，那就是當你把產品交到用戶手中時，讓用戶給你反饋、體驗它們並親眼看到它們的價值。沒有任何銷售、行銷、包裝或其他任何東西可以與之相比。

So when customers start to use a product like Draft One for 60 days and they say, man, I'm spending a full day more every week on the road fighting crime. As opposed to sitting behind a computer, those are the kinds of stories that just build or, with our AI assist in the real-time translator, you have customers at the border or in Canada and in Quebec or whatever the case may be saying like, man this is really relevant and practical for what I need to do my job.

因此，當客戶開始使用像 Draft One 這樣的產品 60 天后，他們會說，天哪，我每週要在路上多花一整天的時間打擊犯罪。與坐在電腦前不同，這些都是可以自行建立的故事，或者，借助我們的人工智慧輔助即時翻譯，您會在邊境、加拿大、魁北克或其他任何地方遇到客戶，他們會說，這對我的工作來說真的非常相關且實用。

And that's kind of our bar for these AI products is this isn't like hands stuff. This is the stuff that keeps police, safe, communities safe and allows police to be in the communities, fighting crime as opposed to behind a computer. So, and the best part is we're still on like our own five-yard line on the football field. We got a long way to go and a lot of great ideas about how to deliver more and more cutting edge AI products to public safety.

這就是我們對這些人工智慧產品的標準，它們不像手動的東西。這些東西可以確保警察和社區的安全，並允許警察走進社區，打擊犯罪，而不是躲在電腦後面。所以，最好的部分是我們仍然在足球場上的五碼線上。我們還有很長的路要走，並且關於如何為公共安全提供越來越多尖端的人工智慧產品有很多好的想法。

And then your second question, do you mind reminding me what that was --

然後你的第二個問題，你介意提醒我那是什麼嗎--

The immigration enforcement dollars that opportunity.

移民執法部門為這一機會提供了資金。

Sure thing. So, a more -- the government, the federal government, we believe between one of their calendar year, which is -- or their fiscal year which is Q4 of our calendar year, we'll start to see more and more solicitor whether they're RFIs or RFPs for products that they're looking into with this money coming out of this bill. And so for us, that's really around counter-drone, certainly, the video products, like Fusus, drone technology, and beyond maybe some TASER as well.

當然可以。因此，我們相信，對於政府、聯邦政府來說，在他們的一個日曆年，也就是他們的財政年度，也就是我們日曆年的第四季度，我們將開始看到越來越多的律師，無論他們是 RFI 還是 RFP，他們正在研究的產品都會用來自該法案的資金。所以對我們來說，這實際上與反無人機有關，當然還有視訊產品，例如 Fusus、無人機技術，甚至可能還有一些泰瑟槍。

So we're continue -- we're right now. As a team, even earlier today, starting to sit down and say, map out the customers and figure out, what we expect the opportunity to be in each of those customers and see how we can help. And frankly, with some of these federal agencies being among our largest customers in the US, we believe we're well positioned to be able to demonstrate how much we can help right now.

所以我們現在繼續。作為一個團隊，甚至在今天早些時候，就開始坐下來討論，規劃客戶，弄清楚我們期望每個客戶的機會是什麼，看看我們如何提供幫助。坦白說，由於其中一些聯邦機構是我們在美國最大的客戶，我們相信我們完全有能力證明我們現在能夠提供多大的幫助。

Great. Thanks.

偉大的。謝謝。

Joe Cardoso, JPMorgan.

摩根大通的喬·卡多佐。

Hey guys, congrats on the results and thanks for the question. Maybe a follow-up to the last question but in a different context. You guys talked about the big beautiful bill and the opportunity there, I think, fairly well in terms of the different avenues you guys can participate in it.

嘿夥計們，祝賀你取得的成績，謝謝你的提問。也許是上一個問題的後續，但在不同的背景下。我認為，你們就參與其中的不同途徑而言，相當詳細地討論了這項美麗的法案及其蘊含的機會。

Maybe can you just touch on the programs that are ongoing in Europe in a similar manner in terms of layer opportunities there? And where is Axon well positioned? Is there anything different in terms of the different programs in the US. And then as we think about both the US programs and the European programs, can you just help us think about the timing of these opportunities?

也許您能以類似的方式談談歐洲正在進行的分層機會計劃嗎？Axon 的最佳定位在哪裡？美國的不同項目有什麼不同嗎？然後，當我們考慮美國計劃和歐洲計劃時，您能否幫助我們思考這些機會的時機？

And then maybe just hitting it on the nose, is any of this baked into the back half outlook in terms of bookings is like, are you guys already seeing any of this goodness? Thanks for the question.

然後也許只是一針見血，就預訂量而言，這些是否已經融入到後半部分的前景中，你們是否已經看到了這些好處？謝謝你的提問。

So Rick, why don't you start since you've been over in Europe for the better part of the summer meeting with customers here?

那麼，里克，既然你整個夏天大部分時間都在歐洲與這裡的客戶會面，為什麼不開始呢？

Yeah, I would tell you the visibility is certainly rising. The -- I had my first ever meeting with a Prime Minister of Minato Nation. Last week, I met with several ministers of the interior level folks. There is a ton of -- just a ton of need. I mean the social displacement that has been happening in Europe, the amount of they're dealing with their own immigration problems as well with the best intentions, Europe sort of took in a lot of folks and is now realizing that they weren't set up to integrate all those people, and they're seeing surging social problems.

是的，我會告訴你，可見度肯定在上升。這是我第一次與港區首相會面。上週，我會見了幾位內政部長級別的人士。有大量——大量的需求。我的意思是，歐洲正在發生社會動盪，他們也在處理自己的移民問題，儘管他們懷著良好的意願，但歐洲接收了很多人，現在他們意識到，他們並沒有做好準備去整合所有這些人，他們面臨著日益嚴重的社會問題。

I was getting questions regarded -- related to border security, where they're seeing, frankly, hybrid warfare from the Russians like pushing sort of an encouraging mass migration across the borders is a destabilizing function. And one example had Bordergards asking if we could tune the TASER 10. Right now, the TASER 10 can handle up to three people that you would hit with it, and we generally discourage thinking about using a TASER 10 on multiple people because in the United States, we're very focused on civil rights.

我收到了一些與邊境安全有關的問題，坦白說，他們認為俄羅斯的混合戰爭，例如推動某種鼓勵跨境大規模移民的行為，是一種破壞穩定的行為。其中一個例子是 Bordergards 詢問我們是否可以調整 TASER 10。目前，TASER 10 最多可以同時擊打三人，我們通常不鼓勵考慮使用 TASER 10 對付多人，因為在美國，我們非常注重公民權利。

And like if you hit the first person, the second person and then the first person complies but the second doesn't, you might have a problem legally if you activate and hit both of them. Like when I bring that up as a concern to these European border agencies, they're like that is not our concern. We're getting overwhelmed, and we're literally going to be shooting and killing people and mass here at the rate things are going, and there's an opportunity for TASER to become really a primary defensive weapon.

例如，如果你打了第一個人，又打了第二個人，然後第一個人服從了，但第二個人沒有服從，如果你啟動並打了他們兩個人，你可能會在法律上遇到問題。當我向歐洲邊境機構提出這項擔憂時，他們說這不是我們關心的問題。我們已經不堪重負，按照目前的情況，我們確實會開槍打死很多人，而泰瑟槍有機會成為主要的防禦武器。

And I think the need for that is rising in Europe. The -- on the other side of the things, our real-time translation, we actually had to shift our priorities so that we could get it translating into a non-English language as its primary language in order to meet an Eastern European countries immediate need, and that went extremely well.

我認為歐洲對此的需求正在上升。另一方面，對於我們的即時翻譯，我們實際上必須改變優先事項，以便將其翻譯成非英語語言作為主要語言，以滿足東歐國家的迫切需求，而且進展非常順利。

So I think the real-time translator as well is being seen as just like I have to have capability, and that is opening up -- I'm personally involved in to countries that in full disclosure, I probably couldn't have picked out exactly. I could point it generally where they were on the map. I couldn't have told you which ones they were that are now talking to us about very large deals, like larger the deals we had ever signed as of a few years ago and up with some of the larger ones we're signing now. So I don't want to get too far ahead of my skis that this is all going to happen quickly, but the overall level of interest across the board is really very high.

因此，我認為即時翻譯也被視為我必須具備的能力，而這正在向我本人所參與的國家開放——坦白說，我可能無法準確挑選出這些國家。我可以大致指出他們在地圖上的位置。我無法告訴你現在正在與我們談論非常大的交易的是哪些公司，例如幾年前我們簽署過的一些更大的交易，以及我們現在正在簽署的一些更大的交易。所以我不想想得太遠，以為這一切都會很快發生，但大家的整體興趣程度確實非常高。

And Joe, your question also included kind of bookings as some of that baked in already or in the back half. We do expect Q3 and Q4 to be very exciting quarters for our international business. Now look, there's -- we got to go execute and prove it. But certainly, pipeline-wise, we're pleased with what we're seeing there.

喬，你的問題還涉及預訂，因為其中一些已經包含在內或在後半部分。我們確實預計第三季和第四季對於我們的國際業務來說將是非常令人興奮的季度。現在看，我們必須去執行並證明它。但從管道角度來看，我們對目前看到的情況感到滿意。

No -- I appreciate the color guys. I'll drop out. Thanks.

不——我很欣賞色彩師。我要退學。謝謝。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Apologize for it on the way. Still a way for you to maybe us understand how your second half bookings are potentially shaping up just given your commentary that it could be as large as last year? And what underpins that confidence is your visibility perhaps even better than what we saw last year?

途中向你道歉。考慮到您所說的下半年的預訂量可能與去年一樣大，您是否仍然可以讓我們了解下半年的預訂量可能如何？這種信心的基礎是，你們的知名度甚至可能比去年更好？

Yeah, Jonathan, I mean, I think our sales leaders would tell you this isn't a hobby at this point. Like this is what they're good at, and this is, what our pipeline indicates, and we've given a lot of bookings commentary over the last three or four years, and I think as you've seen, we've been able to deliver on what we've said, and we feel no differently right now.

是的，喬納森，我的意思是，我認為我們的銷售領導會告訴你現在不是一種愛好。這就是他們所擅長的，這就是我們的管道所表明的，而且我們在過去三四年裡給出了大量的預訂評論，我想正如你所看到的，我們已經能夠兌現我們所說的，我們現在的感覺也沒有什麼不同。

We have a ton of confidence. And Fidelity in our pipeline and we're even frankly, halfway through Q3, we're already, we had a very productive July. And so, the things are that, we've got very strong sales professionals, that believe in our mission and that believe in our customers and it just shows quarter after quarter and I'm really proud of the team and have a feeling I'll continue to be saying that, or I'll continue to say that for a long time. So we're very confident we're going to have a big second half bookings wise.

我們充滿信心。富達已加入我們的銷售管道中，坦白說，即使已經過了第三季的一半，我們 7 月的業績也十分可觀。所以，事實是，我們擁有非常強大的銷售專業人員，他們相信我們的使命，相信我們的客戶，這一點在一個又一個季度中得到體現，我為這個團隊感到非常自豪，並且我覺得我會繼續這麼說，或者我會在很長一段時間內繼續這麼說。因此，我們非常有信心下半年的預訂量會很大。

Just a quick follow-up. Within your premium software offering, is there a way to maybe unpack for us? What is the most common upgrade path? What does maybe contributing the most to growth? And how much runway do you see to sort of sustain that growth from here? Thank you.

只是一個快速的跟進。在您的高階軟體產品中，是否有辦法為我們解壓縮？最常見的升級路徑是什麼？什麼可能對成長貢獻最大？您認為從現在起，維持這種成長還需要多長的時間？謝謝。

Sure. And just across the ecosystem in terms of upgrades, Jonathan?

當然。就升級而言，整個生態系統的情況如何，喬納森？

Yes, just in terms of the -- yes, the -- yes, across the ecosystem, what's driving the premium software offering to see the type of growth that?

是的，就整個生態系統而言，是什麼推動了優質軟體產品實現這種類型的成長？

Sure. I think generally speaking, customers tend to buy they're most price focused in their first contract whenever that may be. And so you see maybe you definitely don't see OSP as commonly as you do with existing customers our office or safety plan, you tend to see a customer buying maybe some TASERs and some Body Cameras and kind of the core feature set of Evidence.com.

當然。我認為一般來說，客戶往往會在第一次簽訂合約時最關注價格，無論何時。因此，您會發現，您可能不會像現有客戶那樣經常看到 OSP，在我們的辦公室或安全計劃中，您往往會看到客戶購買一些 TASER 和一些隨身攝影機以及 Evidence.com 的核心功能集。

But then a lot of our products have been built as a result of customers expressing where they want to go next in their program. So inevitably, customers that are newer are going to hit those same points along the way and say, hey, it would be nice if I could add this, this and this, and then that becomes an Officer Safety Plan conversation. And with AI now on top of the office or safety program, our Officer Safety Plan.

但是，我們的許多產品都是根據客戶表達的他們希望在計劃中下一步做什麼而開發的。因此，不可避免的是，新客戶會在過程中遇到同樣的問題並說，嘿，如果我可以添加這個、這個和這個就好了，然後這就成為了官員安全計劃的對話。現在，人工智慧已進入辦公室或安全計畫的頂層，即我們的官員安全計畫。

Again, that's just for those customers that have been on OSP for a while, they start to see the value of these AI features on top of what they're already doing. So I think it's a really nice path that our customers take to adopting more and more.

再說一次，這只是針對那些已經使用 OSP 一段時間的客戶，他們開始看到這些 AI 功能在他們已經在做的事情之上的價值。所以我認為這是一條非常好的道路，我們的客戶越來越多地採用它。

And frankly, we're very disciplined about measuring how customers use new products and making sure that they're very pleased with what they're seeing in new products. And then years later, that kind of manifests itself in terms of adoption. So yeah, that's a little bit about how we get from A to B there.

坦白說，我們非常嚴格地衡量客戶如何使用新產品，並確保他們對新產品的效果感到非常滿意。多年以後，這種現像在採用上有所體現。是的，這就是我們如何從 A 到達 B 的一點情況。

I think the one thing I would add to that, Jonathan, is remember that because of the pace of our product innovation, many of the products that are available now might not have been available when the customer was originally signing up. And so as they come back and we naturally have more software features, functionality, capability, it's just a different conversation that we can have with them in terms of what's even in some of these more premium bundles -- and I think that's a lot of what continues to drive that, and AI only helps that conversation.

喬納森，我想補充一點，請記住，由於我們產品創新的速度，現在可用的許多產品可能在客戶最初註冊時還沒有上市。因此，當他們回來時，我們自然會擁有更多的軟體特性、功能和能力，我們可以與他們進行不同的對話，討論一些更高級的捆綁包中包含的內容——我認為這是繼續推動這一進程的很大因素，而人工智慧只會有助於這種對話。

Thank you.

謝謝。

George Notter, Wolfe Research.

喬治·諾特（George Notter），沃爾夫研究公司。

Hey Erik.

嘿，艾瑞克。

Got a preestablished list there in terms of how we go through the question. So sorry, we're not intentionally ignoring your hand up. We're just going through the list ahead of time.

關於我們如何處理這個問題，有一個預先設定的清單。非常抱歉，我們不是故意忽略您舉手的。我們只是提前瀏覽一下清單。

Thanks a lot. All right. I appreciate that. I guess kind of tacking on to the last question, you guys threw out a $600 price point, I think, for some deals this quarter in terms of per officer metric. I guess I'm just curious what you said, Josh, a few moments ago, I think makes sense just in terms of customers kind of layering in more pieces of the Axon solution into the bundle.

多謝。好的。我很感激。我想回答最後一個問題，我認為，就每位高階主管的指標而言，你們本季的一些交易的價格點是 600 美元。喬希，我只是好奇你剛才說了什麼，我認為從客戶將更多 Axon 解決方案分層到捆綁包中的角度來看，這是有意義的。

But are there comparisons you can give us for 1 year ago, two years ago, three years ago to help us understand sort of the path to $600 per officer. What metrics can you share?

但是，您能否提供一年前、兩年前、三年前的對比情況，以幫助我們了解每位警官 600 美元的薪資路徑。您可以分享哪些指標？

certainly, directionally, for sure. Two or three years ago, maybe, call it, three. Years ago, the top offering in OSP, our Officer Safety Plan might have been in the [mid-200s]. And then we started adding drones and Dedrone and Fusus as additional value we never just simply inflate the price of offer safety plan. If the price changes, it means there's more adds to the bundle, and that's kind of what's happened over -- from year to year. So now we're in the mid-300s just on office or safety plan alone.

確實，從方向上來說，是肯定的。兩三年前，或許，就叫三年。幾年前，OSP 中最頂級的產品，我們的官員安全計劃可能已經[200 多歲]。然後我們開始添加無人機、Dedrone 和 Fusus 作為附加價值，我們從不只是簡單地提高提供安全方案的價格。如果價格發生變化，就意味著捆綁包中會增加更多內容，而這就是年復一年發生的事情。因此，現在光是辦公室或安全計畫一項，我們的成本就已經達到 300 多美元。

And then you combine the AI Era Plan, which list price $1.99 a month, and then you add in-car video, for example, you add Dedrone across your enterprise, you add Fusus, all things that you build out more and more, and that's where we're seeing some of these numbers in the -- right around the 600s in terms of monthly value per user.

然後，結合 AI Era Plan（標價每月 1.99 美元），然後添加車載視頻，例如，在整個企業中添加 Dedrone，添加 Fusus，以及您越來越多地構建的所有東西，這就是我們看到的一些數字——就每位用戶的每月價值而言，大約在 600 左右。

And so certainly, look, like it's great to see some customers doing that, but our job is to communicate the value to every customer so that they appreciate still the incredible ROI they get even at those numbers. And so that's really what we're focused on right now.

所以，當然，看到一些客戶這樣做是件好事，但我們的工作是向每一位客戶傳達價值，以便他們仍然能夠感受到即使在這些數字下他們所獲得的令人難以置信的投資回報率。這就是我們現在真正關注的重點。

And was that typical that number? Was that a typical number for deals that you closed this quarter? Or is that sort of the high end?

這個數字是典型的嗎？這是您本季達成的交易的典型數字嗎？或者說這是高階產品嗎？

No, that's the high end. That's definitely -- that drove our largest deal in US history and company history now. And we do think that's a promising side of things to come, but certainly wouldn't set the expectation that even the majority of the customers are there right now.

不，那是高端。這無疑是——這推動了我們完成美國歷史上以及公司歷史上最大的交易。我們確實認為這是未來有希望的一面，但肯定不會期望現在大多數客戶都在那裡。

And then at 1 point, you guys gave us a mix of business coming from office or safety plan. Is there an updated number there? I seem to remember a 20% number. Is that still the right ballpark or is it higher now?

然後在某個時候，你們給了我們來自辦公室或安全計畫的業務組合。那裡有更新的數字嗎？我好像記得一個20%的數字。這仍然是正確的估計值嗎？還是現在這個值更高了？

No. No, we don't have an updated number on that. What we said a quarter or two ago was that about 70% of our customers. I think we said it last quarter, about 70% of our customers -- we're still on one of our basic plans. And so lots and lots of room to upgrade.

不。不，我們還沒有更新的數據。我們在一、兩個季度前說過，大約有 70% 的客戶都是這樣的。我想我們上個季度就說過，大約 70% 的客戶仍在使用我們的基本方案之一。因此有很大很大的升級空間。

So to Josh's point, look, we don't give an actual ARPPU number, it could be as high as $600, but we still have so many customers that are not coming in and buying our whole suite of products. And so when we talk every quarter about our amazing software growth, like some of it is the natural like rotation that you see as our customers come back in and as they do upgrade and as they move up their price points.

所以對於 Josh 的觀點，你看，我們沒有給出實際的 ARPPU 數字，它可能高達 600 美元，但我們仍然有很多客戶沒有來購買我們的全套產品。因此，當我們每季談論我們驚人的軟體成長時，你會發現其中一些是自然的輪換，隨著我們的客戶回歸，隨著他們進行升級，隨著他們提高價格點。

Yeah, super. Thank you.

是的，太棒了。謝謝。

Alyssa, Barclays.

巴克萊銀行的艾莉莎。

Hey guys, just a quick follow-up on that. The 70% still on basic plans with that upsell motion going. Are you kind of seeing that number decelerate in terms of basic plans pretty quickly or is this kind of a slow expansion? And then I just had a quick follow-up on the US International given the outperformance this quarter, should we kind of continue seeing -- even with the strength of the US international now becoming a larger piece in the mix? Thanks.

嘿夥計們，我只是想快速跟進一下這個問題。70% 的人仍採用基本計劃，但會繼續進行追加銷售。您是否看到基本計劃方面的數字下降得很快，還是說擴張速度很慢？然後，我對美國國際公司本季的優異表現進行了快速跟進，我們是否應該繼續看到——即使美國國際公司的實力現在成為組合中更大的一塊？謝謝。

Sure thing. Thanks for the question, Alyssa. Maybe the second one first. The hard part about I do think international is going to keep growing in a very exciting fashion hard part about talking about the mix is the US is growing very fast as well.

當然可以。謝謝你的提問，艾莉莎。也許先是第二個。我確實認為，國際市場將繼續以令人興奮的方式成長，但困難之處在於，談論組合時，美國市場也在快速成長。

So it's hard to -- really for it to take over a bigger and bigger part of the mix, that would mean the US is slowing down, and it's the opposite right now. And so -- so we think both that the total bookings rate will grow excitingly but also that the international one will as a standalone, I just can't guarantee the mix is going to change all that much, so long as the US keeps going on the path that it is right now, if that makes sense. And I did forget your first question and answering the second one first, if you mind --

因此，它很難真正佔據越來越大的份額，這意味著美國正在放緩，而現在的情況恰恰相反。所以，我們認為，總預訂率將會出現令人興奮的增長，而且國際預訂率也將獨立增長，我只是不能保證這種組合會發生很大的變化，只要美國繼續沿著現在的道路前進，如果這說得通的話。我確實忘了你的第一個問題，如果你介意的話，我先回答第二個問題--

Alyssa, Josh, list, I think you can go back. We've sort of given that metric at points in time. I think we gave it when it was like 80% and then 75% and then 70%. So we are working our customers up? It's not like it turns all on in one quarter, right?

艾莉莎、喬希、名單，我想你們可以回去了。我們在某些時間點給出了該指標。我認為我們在達到 80% 時就給出了答案，然後是 75%，然後是 70%。那麼，我們正在努力提升我們的客戶嗎？它不會在一個季度內全部啟動，對吧？

It's like we are over time moving the customers up to those more premium plans. But the other point I would make is that what's in the premium plan to Josh's comment like we keep adding new things in it, and so how premium the plan is or how much they could pay as we get new products in over time. that also keeps moving up. So we have those two drivers, right? We have the driver of moving customers further up the plan and then actually just having more product offerings that they could come by.

這就像我們隨著時間的推移將客戶轉移到那些更高級的計劃。但我想說的另一點是，根據喬希的評論，高級計劃中的內容就像我們不斷在其中添加新內容一樣，那麼計劃的高級程度如何，或者隨著我們隨著時間的推移推出新產品，他們可以支付多少錢。這也在不斷上升。那我們有這兩個驅動因素，對嗎？我們的動力是讓客戶進一步了解計劃，然後實際上提供更多他們可以購買的產品。

And the AI Era Plan being yet another new plant on top of that plan that they can do.

人工智慧時代計劃是他們在該計劃基礎上再建造一個新工廠。

Thank you.

謝謝。

Jeremy Hamblin, Craig-Hallum.

傑里米·漢布林、克雷格·哈勒姆。

Thanks and congrats on the momentum in the business. So I wanted to come back and see if I could clarify something here in the Platform Solutions performance, exceptional growth, a lot of talk about Dedrone. And I just wanted to see if I could kind of pointedly ask it. Is Dedrone the biggest driver of that growth in terms of kind of percentage or contribution to that year-over-year growth rate?

感謝並祝賀業務發展勢頭良好。所以我想回來看看我是否可以澄清一些關於平台解決方案性能、卓越增長以及有關 Dedrone 的討論。我只是想看看我是否可以尖銳地問這個問題。從百分比或對年成長率的貢獻來看，Dedrone 是否是這一成長的最大動力？

No, it's -- I don't -- Brittany, correct me if I'm wrong, but it's actually toward right now one of the smaller ones and frankly, growing every quarter, but certainly not the biggest driver of new product bookings growth.

不，不是——布列塔尼，如果我錯了請糾正我，但實際上它現在是規模較小的公司之一，坦率地說，每個季度都在增長，但肯定不是新產品預訂量增長的最大驅動力。

Yeah, for sure. So if you're looking just inside of our platform sensors business, it was a big driver of the growth this quarter inside of platform sensors. But if you look at the overall business, it's just not a material driver of our overall growth. And again, it will be a little lumpy inside of that platform segment.

是的，當然。因此，如果您只專注於我們的平台感測器業務，它是本季平台感測器內部成長的一大推動力。但如果從整體業務來看，這並不是我們整體成長的物質驅動力。而且，該平台部分的內部會有點凹凸不平。

I hope realize the opportunity. Ultimately, we think there's a very relevant product. So we've got a lot of white space in front of us, and we're gearing up to execute well there.

我希望能夠實現這個機會。最終，我們認為這是一個非常相關的產品。因此，我們面前有很多空白，我們正準備在那裡做好執行。

Yeah. A lot of you hear me waxing during the call, it's rarely about the stuff that's selling well this quarter. It's stuff that I'm looking a year out.

是的。你們很多人在通話過程中聽到我滔滔不絕地說著，很少談論本季暢銷的產品。這是我一年後要考慮的事情。

No, I understood. I was clarifying, just within that small segment of the business, I just wanted to understand. Okay. And then just in terms of -- there are a lot of moving parts in the business. There's a lot of different verticals that you're attacking -- and I wanted to get a sense for from an investment in the team perspective.

不，我明白。我正在澄清，只是在業務的這一小部分內，我只是想了解。好的。就這一點而言——業務中有很多活動部件。您正在攻擊許多不同的垂直領域——我想從團隊投資的角度來了解一下。

As you're looking at product, as you're looking at maybe your sales and marketing teams, where do you need I mean my sense is there's just a shift in what you're looking at from where you were a year ago, right? And not -- there's a lot of the regular business. I mean, TASER grew 19% in the quarter. there's a lot of the core business that's still doing incredibly well.

當您查看產品時，當您查看您的銷售和行銷團隊時，您需要什麼？我的意思是，我的感覺是，您所關注的內容與一年前相比發生了轉變，對嗎？並不是——有很多常規業務。我的意思是，TASER 本季成長了 19%。很多核心業務仍然表現得非常好。

But Jeff or Rick, Josh, where do you think you need to invest the most from an infrastructure perspective to really get the business where it needs to be over the next two, three, five years?

但是 Jeff 或 Rick、Josh，您認為從基礎設施的角度來看，您需要在哪些方面進行最大投資才能在未來兩到五年內真正實現業務目標？

Maybe I'll start there, and I'll kick it over to Rick and Jeff. But Jeremy, I think it's the same formula every year that the numbers might change, but it's really we start with we are going to relentlessly invest in R&D every year. Like that's core to who we are as a company. This is an innovative company with an innovative founder, and we are going to continue to invest in every opportunity we can to pursue our mission and especially when we're seeing such incredible buying signals from our customers. We do that at times at the expense of getting -- we try to fund that by getting leverage out of SG&A.

也許我會從那裡開始，然後將其交給 Rick 和 Jeff。但是傑里米，我認為每年的公式都是一樣的，數字可能會發生變化，但實際上我們每年都會堅持不懈地投資研發。這就是我們公司的核心。這是一家擁有創新精神的創始人的創新公司，我們將繼續投資於每一個機會來追求我們的使命，特別是當我們看到來自客戶如此令人難以置信的購買訊號時。我們有時會以犧牲收益為代價來做到這一點——我們試圖透過從銷售、一般和行政費用中獲取槓桿來為此提供資金。

So or really G&A. Salespeople, we look at where the opportunities are, and those are generally the easiest ones to say yes to because when you're hiring a salesperson for X dollars and their quota might be $5 million to $10 million a year.

所以或者真的是 G&A。對於銷售人員，我們會關注機會在哪裡，而這些機會通常是最容易答應的，因為當你以 X 美元的價格僱用一名銷售人員時，他們的配額可能是每年 500 萬到 1000 萬美元。

You get a very clear return on that, but we are very disciplined in the rest of the G&A segment around, hey, how do we use AI internally, just like our customers are using AI externally? How do we use AI to make sure that we don't need our team to balloon as our business grows. And so a lot of discipline in G&A, of course, a lot of investment in sales and then relentless investment where we see opportunity in product.

你可以從中獲得非常明顯的回報，但我們在其餘的 G&A 部分非常嚴謹，嘿，我們如何在內部使用 AI，就像我們的客戶在外部使用 AI 一樣？我們如何使用人工智慧來確保我們的團隊不會隨著業務的成長而膨脹。因此，我們在一般及行政管理方面有很多紀律，當然，在銷售方面也投入了大量資金，並且在產品中發現機會時也堅持不懈地進行投資。

Yeah. If I could sneak.

是的。如果我能潛行的話。

I think we're going to -- we might move, Jeremy, because you had two and we have 10 minutes left to get to five more. So we try to do one question each.

我想我們將會——我們可能會繼續，傑里米，因為你已經說了兩個，而我們還有 10 分鐘的時間來討論另外五個。因此我們嘗試每人做一個問題。

Thanks.

謝謝。

Josh Reilly, Needham.

喬許·賴利，尼德姆。

Oh, yeah. Any update on the light posts and outpost camera opportunities in terms of the manufacturing ramp and the pipeline build? And then I just had a quick follow up on drones after that.

哦，是的。在製造坡道和管道建設方面，燈柱和前哨攝影機機會有任何更新嗎？之後我對無人機進行了快速跟進。

Sure. Very exciting to be live with a few customers already in trials. That's for a product that we announced in May and have really invested in a lot in the first half of the year to see pulls on the ground and camera is working at certain large customers right now. That's obviously a great first signal. I also don't want to get out over our skis there.

當然。非常高興能與一些已參與試用的客戶一起進行測試。這是我們 5 月發布的產品，我們在今年上半年確實投入了大量資金，以觀察其實際效果，並且目前相機正在為某些大客戶服務。這顯然是一個很好的第一個信號。我也不想在那裡滑雪。

There are certainly things that we're learning and things that we need to do better as part of that. But that's just the cycle all of our hardware goes through, and we really believe we're on the right track. We think we're going to be very, very competitive in this market, and we're excited about the opportunity.

當然，我們正在學習一些東西，並且需要做得更好的事情。但這只是我們所有硬體所經歷的周期，我們真的相信我們走在正確的軌道上。我們認為我們在這個市場上的競爭力將會非常強，我們對這個機會感到非常興奮。

Got it. And then just a quick question on the monetization of drones. When you're looking at the revenue that you're actually getting from drones, is it -- is it really just software revenue on the DFR programs? Or as part of the hardware from the DFR programs recognized in your income statement then passed along to Skydio, maybe just help us understand how that dynamic is going to work.

知道了。然後我簡單問一下關於無人機貨幣化的問題。當您查看從無人機實際獲得的收入時，它真的只是 DFR 計劃的軟體收入嗎？或者作為您在損益表中確認的 DFR 程式硬體的一部分，然後傳遞給 Skydio，也許只是幫助我們了解這種動態將如何運作。

Brittany, why don't you take that one, if that's all right.

布列塔尼，如果可以的話，你為什麼不接受這個？

Sure. So when we're talking about drones and things like platform sensors and all of that, we're really hearing us talk about is the hardware piece of Dedrone and then the software piece of Dedrone would be showing up in our software business. That's by far the bulk of it. We do partner with Skydio, and our partnership with Skydio, is basically a referral fee that comes through. I would not think about them today as being a big part of that business other than what else we can enable when we do partner with Skydio, from a software standpoint, from an experience standpoint for our customers.

當然。因此，當我們談論無人機和平台感測器等東西時，我們真正聽到的是 Dedrone 的硬體部分，然後 Dedrone 的軟體部分將出現在我們的軟體業務中。這就是目前為止的大部分內容。我們確實與 Skydio 合作，我們與 Skydio 的合作基本上是透過推薦費用來實現的。今天，除了我們與 Skydio 合作時從軟體角度、從客戶體驗角度所能提供的其他功能外，我不會認為它們是這項業務的重要組成部分。

So don't think about that as a big chunk of our revenue. Think about it as [drone] everything Dedrone can enable through DFR, but that's what you're seeing in the numbers.

所以不要認為這佔了我們收入的很大一部分。可以將其想像為 [無人機] Dedrone 可以透過 DFR 實現的一切，但這就是您在數字中看到的。

Very helpful. Thank you.

非常有幫助。謝謝。

Thanks, Josh.

謝謝，喬希。

Jordan, Bank of America.

喬丹，美國銀行。

Hey, thank you for taking the question. Could you guys just give an update on USIS' FedRAMP status? And then for Dedrone, what is your strategy to start playing a more meaningful role in DoD counter-drone programs that are getting funded like replicate or two?

嘿，謝謝你回答這個問題。你們能否更新一下 USIS 的 FedRAMP 狀態？那麼對於 Dedrone 來說，您的策略是什麼，以便在國防部獲得複製或兩次資助的反無人機項目中發揮更有意義的作用？

Yeah, so Jordan, on the strategy one, again, like we don't necessarily want to tip off our hand on how we're thinking about the opportunity. but we'll be in the game when the lights come on and we're ready to prove what we can do for sure. Jeff, why don't you take that first question, if that's okay.

是的，喬丹，關於策略一，我再說一遍，我們不一定想透露我們對這個機會的看法。但當燈光亮起時，我們會參與其中，我們準備好證明我們肯定能做什麼。傑夫，如果可以的話，為什麼不回答第一個問題呢？

Yeah, sure. Just like with everything we do, we get -- we submit things in as we have new things in our envelope and we sort of go through the official certification testing. And then ultimately, the second part is the FedRAMP body itself going through their final little check boxes. And so exactly on plan, we submitted and completed all the work to make Fusus FedRAMP compliant, submitted as part of our last package. So you can think of it as we are FedRAMP compliant at the moment.

是的，當然。就像我們所做的一切一樣，我們得到——當我們的信封裡有新東西時，我們會提交東西，然後我們會通過官方認證測試。最後，第二部分是 FedRAMP 機構本身透過其最後的小複選框。因此，我們完全按照計劃提交並完成了所有工作，以使 Fusus 符合 FedRAMP 標準，並作為我們最後一個軟體包的一部分提交。因此，您可以認為我們目前符合 FedRAMP 標準。

And the only thing waiting is the natural course of the committee sort of officially giving that last check mark. We're operating in the market with customers knowing that we've met all those requirements.

唯一需要等待的是委員會自然而然地正式給出最後的答案。我們在市場上運營，客戶知道我們已經滿足了所有這些要求。

Thank you.

謝謝。

Trevor Walsh, Citizens.

特雷弗·沃爾什（Trevor Walsh），公民。

Great. Hey team, thanks for taking the questions. You had an interesting stat in the shareholder around the survey that you ran towards the beginning of last year. About 14% of departments are essentially not at full staffing levels. not necessarily surprise headcount and the hiring of the officers has been a struggle for a while now. And it's pretty clear that AI is going to help in that a little bit to make officers just more productive.

偉大的。嘿，團隊，感謝你們回答問題。您在去年年初進行的股東調查中發現了一個有趣的統計數據。大約 14% 的部門基本上沒有達到滿員水準。員工總數並不一定會令人意外，而且招聘官員已經是一段時間以來的難題了。很明顯，人工智慧會在這方面提供一些幫助，提高警官的工作效率。

But do you guys see any trends around just more broadly than that of departments knowing that they might not be able to get the head count that they want just shifting that spend to other kind of areas within the department's needs, whether that's technology and that generally helping you guys or do you see that as a possibility kind of down the road, if not right now?

但是，你們是否看到了更廣泛的趨勢，除了各部門知道他們可能無法獲得他們想要的員工人數之外，還可能將支出轉移到部門需求的其他領域，無論是技術還是總體上對你們有幫助，或者您是否認為這是一種可能性，即使不是現在，也是未來的一種可能性？

And then a quick follow-up for Brittany, can you just elaborate on the tariff piece for the kind of second half of the year? And if that's related to kind of the newer things that we're hearing around tariffs? Or is that just more baked in from the April kind of announcements that we've heard?

然後快速跟進一下布列塔尼的問題，您能詳細說明一下今年下半年的關稅情況嗎？這是否與我們聽到的有關關稅的新消息有關？或者這只是我們聽到的四月公告的延續？

Thanks. Let me take the first part. We are absolutely having those conversations. Draft One is the baseline of, hey, if I can spend less time doing administrative work and more time doing police work. We're hearing across the board, things that we can do with technology, even DFR is one of those, right? Hey, if there's calls that we can clear without having to send officers, that means we can focus our manpower on the calls that make more sense.

謝謝。我先講第一部分。我們確實正在進行這些對話。第一稿是基準，嘿，如果我可以花更少的時間做行政工作，花更多的時間做警察工作。我們聽到各種各樣的聲音，說我們可以利用技術來做一些事情，甚至 DFR 也是其中之一，對吧？嘿，如果我們可以不用派警員來處理電話，那就意味著我們可以把人力集中在更有意義的電話上。

The same thing is true of inbound call handling, like your customers are interested on, hey, are there things we can use with technology to be able to handle noncritical calls, maybe we don't send an offshore at all, maybe report them to an AI agent. Translation, historically, there's like multiminute weights to be able to get a translator we're in either middle of a critical incident or an inbound call, and those are the sorts of things that across our stack or through our partners, we begin to turn those things into real time right now.

入站呼叫處理也是如此，例如您的客戶感興趣的是，嘿，我們是否可以使用技術來處理非關鍵呼叫，也許我們根本不會發送離岸呼叫，也許會將它們報告給 AI 代理。從歷史上看，翻譯需要花費數分鐘的時間才能找到翻譯，我們要么處於關鍵事件中，要么處於來電中，而這些都是通過我們的堆疊或我們的合作夥伴，我們現在開始將這些事情變成實時的。

It doesn't need a person at all. It's technology aiding the person or in some cases, we can handle a whole thing over to tech, and we think it's a combination of AI and robotics over the coming years is going to enable us to take on a greater and greater portion of that workload, allowing the human beings to focus on the sort of top end of those incidents that really require a human engagement.

它根本不需要人。這是科技在輔助人類，或者在某些情況下，我們可以將整個事情交給科技來處理，我們認為未來幾年人工智慧和機器人技術的結合將使我們能夠承擔越來越多的工作量，讓人類能夠專注於真正需要人類參與的事件的高端問題。

And I'd say there's probably at least 50% of the workload of a police apartment that's automatable. And we are seeing that they're open to thinking their budgets that way. I can think of a few conversations we've had where agencies have said, hey, I'm understaffed by this many folks. I'm just going to take part of that budget and push it over here and maybe not hire a couple of those.

我認為警察公寓中至少有 50% 的工作量可以自動化。我們看到他們願意以這種方式考慮他們的預算。我記得我們進行過幾次對話，有些機構曾說過，嘿，我人手不夠。我只是要拿出一部分預算，把它推到這裡，也許不會僱用其中的幾個人。

Yeah, so on tariffs, we factor in everything we know as of for hours before this call. So we're as up to speed as we can be on how we think about guidance for the second half of the year. And then we just bake into the guidance we give you for second half. I would say it continues to move around, obviously.

是的，關於關稅，我們會把本次電話會議召開前幾個小時所了解的所有資訊都考慮進去。因此，我們會盡可能快地了解我們對下半年指導的看法。然後，我們就會將我們為您提供的下半年指導融入其中。我想說它顯然還在繼續移動。

But I think more is certainly known now even than it was a quarter ago. And so I think that allows us to do things like come up with good plans to mitigate as much as we can and manage through as much as we can, which we're obviously trying to do. But our current view is just baked into the guidance.

但我認為現在我們了解的資訊肯定比一個季度前更多。因此，我認為這使我們能夠制定出好的計劃來盡可能地減輕影響並盡可能地管理，這顯然是我們努力去做的事情。但我們目前的觀點只是融入了指引之中。

Thank you.

謝謝。

Mike Latimore, Northland.

麥克·拉蒂莫爾，北國。

Great, thanks. Yeah, excellent results. In terms of the Enterprise segment, I guess, prior to this quarter, the biggest deal was in enterprise, how is that deployment going? How is the pipeline for enterprise, which products seem to be the most interest?

太好了，謝謝。是的，成績非常好。就企業領域而言，我猜想，在本季之前，最大的交易是在企業領域，部署進度如何？企業的通路如何，哪些產品最受關注？

And then on TASER 10 is maybe just elaborate a little bit on manufacturing capacity there. Are you ramping that through year-end?

然後，我們或許會稍微詳細說明一下 TASER 10 的製造能力。您是否會在年底前實現這一目標？

Yeah, so I'll maybe go in reverse order and then Josh can jump in on enterprise, too. But we are continuing to ramp TASER 10 capacity. I would say we are sort of continuing to ramp TASER 10 capacity as much as we can because we continue to see just great demand for that. So we're ramping it this year.

是的，所以我可能會以相反的順序進行，然後 Josh 也可以加入企業。但我們正在持續提升 TASER 10 的產能。我想說的是，我們正在盡可能地繼續提高 TASER 10 的產能，因為我們繼續看到對該產品的巨大需求。因此我們今年將加大力度。

You saw us take our CapEx guidance up a bit. That's us continuing to ramp it into next year so that we continue to meet that demand. From an enterprise standpoint, and I know Josh will jump in, but we continue to be really excited about the pipeline that we're seeing. I think A lot of our products are really relevant to the enterprise segment. But I will say Fusus has been particularly exciting as we've brought them in.

您會看到我們稍微提高了資本支出指導值。我們將在明年繼續加大力度，以便繼續滿足這項需求。從企業的角度來看，我知道喬希會加入，但我們仍然對所看到的管道感到非常興奮。我認為我們的許多產品確實與企業領域有關。但我要說的是，自從我們引進 Fusus 以來，他們就特別令人興奮。

That's just really resonating well with our enterprise customers and opening a lot of doors and a lot of really great conversations. Again, I think, obviously, our cameras, as we talk about retail and frontline workers, you could see counter-drone, you could see a whole lot of our portfolio being relevant, but it's a huge market. And so we'll continue to update over time. But there's a lot as we start to fight that off.

這確實引起了我們企業客戶的強烈共鳴，並打開了許多大門，進行了許多非常棒的對話。再次，我認為，顯然，我們的相機，當我們談論零售和一線工人時，你可以看到反無人機，你可以看到我們的許多產品組合都是相關的，但這是一個巨大的市場。因此我們會持續更新。但當我們開始對抗它時，還有很多事情要做。

Yeah. The only other thing I'd add is the enterprise deployments are hard by nature. We're talking about aggregating hundreds of thousands of video screens to one pane of glass. That's hard work and I'd say we're learning the deployment is going well. And what we learned here will absolutely make us better in the next three, four, five of these that we do.

是的。我唯一要補充的是企業部署本質上很難。我們正在討論將數十萬個視訊螢幕聚合到一塊玻璃上。這是艱苦的工作，我想說我們了解到部署進展順利。我們在這裡學到的東西絕對會讓我們在接下來的三、四、五年裡做得更好。

And so it's -- the team is doing great work and some new variables when you have enterprise customers relative to government, and we're working through those and feeling good about where we're going to land.

因此，當你擁有與政府相關的企業客戶時，團隊正在做著出色的工作和一些新的變量，我們正在努力解決這些問題，並對我們將要實現的目標感到滿意。

Awesome, thanks.

太棒了，謝謝。

Andrew Spinola, UBS.

瑞銀的安德魯·斯皮諾拉。

Thank you, Erik. Just following up or continuing on the enterprise space. Would you be able to willing to elaborate on the gaming contract that you guys announced? What are you doing there? Is it Fusus centric? Or is there are a few of your other product lines in the mix?

謝謝你，埃里克。只是跟進或繼續企業領域。您願意詳細說明一下你們宣布的遊戲合約嗎？你在那幹什麼？它是以 Fusus 為中心嗎？還是其中還包含其他幾條產品線？

Let's leave it at video for now. There probably are opportunities in gaming for less [lethal] as well in terms of security, but video between Body Cameras and Fusus and certainly, a lot of applicability given the amount of money on the line at each one of those sites. And so -- and Andrew, thanks for the patience. Appreciate it.

現在我們先看影片吧。從安全角度來看，遊戲中可能也存在降低致命性的機會，但 Body Cameras 和 Fusus 之間的視頻，以及考慮到每個站點所涉及的金額，肯定具有很大的適用性。所以——安德魯，謝謝你的耐心。非常感謝。

Appreciate it. Thanks for that.

非常感謝。謝謝。

Thanks.

謝謝。

Thanks, Andrew. We'll kick you to Rick to close this out.

謝謝，安德魯。我們會把你踢給 Rick 來結束這一切。

Oh, man, we're done already. I was ready for a couple more. Hey, I -- just got to say I'm so proud of the team, and we're just hitting on all cylinders. And it's also really great -- you'll see I'm answering less and less of the questions during the call about the operations of the business. And intendedly that's because I've got just such a great team I've been traveling like a banshee out with customers having a -- have identified a couple more fantastic things that are going to be expanding our product portfolio probably a couple of years out.

噢，天哪，我們已經完成了。我準備再來幾次。嘿，我——我只想說我為這個團隊感到驕傲，我們正全力以赴。而且這也確實很棒——你會發現我在通話過程中回答有關業務運營的問題越來越少了。這是因為我擁有一支如此優秀的團隊，我一直像女妖一樣與客戶一起外出——已經發現了一些更奇妙的東西，這些東西可能會在幾年後擴大我們的產品組合。

And it's really great to have a team that you can just rely on we're all running our lanes and the business just runs like a machine like a very -- like a maybe not as the most reliable machine, but a very reliable Ferrari. I mean this thing is just running. And of course, having you guys as sort of helping the investment community understand our business. This is a complex business to understand. We're everything from a media creation house in VR for creating content and managing training content.

擁有一支可以信賴的團隊真是太好了，我們都在各自的崗位上工作，業務就像機器一樣運轉——也許不是最可靠的機器，但卻是一輛非常可靠的法拉利。我的意思是這個東西正在運行。當然，你們也幫助投資界了解我們的業務。這是一個需要理解的複雜的事情。我們是一家 VR 媒體創作公司，提供內容創作和管理培訓內容的服務。

We do pure software plays like our records business. We do electrical weapons, drones and now counter-drone systems. And it's a lot of fun for us to run the business, and we know you keep you pretty busy trying to understand how it all fits together.

我們從事純粹的軟體業務，就像我們的唱片業務一樣。我們生產電動武器、無人機，現在還有反無人機系統。經營這項業務對我們來說很有趣，我們知道你會非常忙碌，試圖了解一切是如何結合在一起的。

But I can tell you on one thing just keeps me excited now from a business perspective is we have so many horses that can run here that we're not dependent on any one part of the business. We just got this truly diversified portfolio, but it all works together so seamlessly. And now we're expanding anybody who needs to interact with law enforcement, right?

但我可以告訴你，從商業角度來看，有一件事讓我感到興奮，那就是我們有很多馬可以在這裡奔跑，我們不依賴任何一個業務部分。我們剛剛獲得了這個真正多元化的投資組合，但所有投資組合的協作卻如此無縫。現在我們正在擴大任何需要與執法部門互動的人的範圍，對嗎？

If you're a business, your security team is interact with enforcement. Frankly, if you're a military, you need to interact with your enforcement as well now, these sorts of hybrid threats that we're now seeing in society, and we're able to start from this corneal of a business we've built around public safety, and begin to move out into these next layers. It's just a really exciting strategic time to be at the helm.

如果您是一家企業，您的安全團隊將與執法部門互動。坦白說，如果你是軍人，你現在也需要與執法部門互動，應對我們現在在社會上看到的這些混合威脅，我們可以從圍繞公共安全建立的業務角度出發，開始向下一個層面邁進。現在確實是一個令人興奮的掌舵戰略時刻。

And so with that, I want to thank you, Josh. You line. Did you have anything to add there before we wrap today?

因此，我想感謝你，喬希。你行。今天結束前您還有什麼要補充的嗎？

No. You said, well, Rick, thank you.

不。你說，好吧，里克，謝謝你。

All right. Thanks, everybody, and we'll see you for -- well, I'm not going to jinx it by predicting. We hope to be back with another good quarter. So we'll see you guys in a few months

好的。謝謝大家，我們一會兒見——好吧，我不會透過預測來帶來厄運。我們希望再次取得好成績。幾個月後我們再見

Thanks.

謝謝。